The Southern Company · SO · FY2025 Q2 · Calendar Q3 2025

Southern Company expands capital plan as data-center demand grows

The supplied analysis supports a constructive but conditional view: resilient data-center and industrial electricity demand, regulatory support, and expanded investment can underpin growth, while financing, execution, and the possible long-term EPS rebasing temper the case.

Reported Before market openNYSEUtilities $98.29B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $0.91 Consensus $0.88
EPS surprise +4.0% Reported versus consensus
Reported revenue $6.97B Consensus $6.36B
Revenue surprise +9.6% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move -0.4% Event window
SPY move -0.4% Same window
Abnormal move -0.1% Stock minus SPY
Volume 2.6× Versus trailing sessions
Subsequent drift -2.4% Up to 20 sessions
SOSPY benchmark

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Transcript intelligence

What changed

The company added $12 billion of state-regulated capital to its base plan, with up to $4 billion more possible pending certification of new generation. It also highlighted new wind-repowering projects, expanded generation certifications, and continued equity financing.

Guidance delta

Management's near-term 2025 objectives were described as on track and guidance sentiment was maintained. The longer-term EPS growth target may be rebased around 2027, but timing and magnitude remain uncertain.

Key takeaways

  • Management highlighted strong retail electricity growth from data centers and industrial customers.
  • The capital plan increased by $13 billion, including $12 billion of regulated capital and potential additional generation investment.
  • Georgia regulatory settlements support rate stability through 2028 and authorize up to 10 GW of new generation resources.
  • Equity financing and project execution remain central to funding growth while protecting credit metrics.

Management priorities

  • Certify about 10 GW of new Georgia generation resources, including combined-cycle, battery storage, and solar projects.
  • Execute three wind-repowering projects targeted for service by early 2027.
  • Deploy the expanded regulated capital program through 2029.
  • Use the ATM program and other instruments to support the capital plan and credit metrics.

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Earnings History

Estimate Beat Miss Match
SO EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q1 '24 estimate $0.91 Q1 '24 actual $1.03, beat Q2 '24 estimate $0.92 Q2 '24 actual $1.10, beat Q3 '24 estimate $1.34 Q3 '24 actual $1.43, beat Q2 '25 estimate $0.88 Q2 '25 actual $0.91, beat Q3 '25 estimate $1.51 Q3 '25 actual $1.60, beat Q4 '25 estimate $0.56 Q4 '25 actual $0.55, match Q1 '26 estimate $1.21 Q1 '26 actual $1.32, beat Q2 '26 estimate $1.01 Q2 '26 actual $1.13, beat Q3 '26 estimate $1.65 Q4 '26 estimate $0.59 Q1 '27 estimate $1.32
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Analyst Consensus ?

ConsensusHold33 ratings
Bullish1133.3%
Neutral1957.6%
Bearish39.1%

Analyst 52W Price Targets

$86.15Previous close
$71Low
$89.94Average
$112High

Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 9, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Citigroup Buy BuyMaintainSep 25, 2026
Morgan Stanley Underweight UnderweightMaintainSep 18, 2026
Truist Securities Hold HoldMaintainAug 13, 2026
BMO Capital Outperform OutperformMaintainJul 27, 2026
Keybanc Underweight Sector WeightDowngradeJul 23, 2026
Show 28 more rating actions

Named analyst price targets

Upside is calculated against the persisted previous close $86.15. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Truist FinancialAnalyst unavailable$97$92.7 +12.6%Aug 13, 2026
Mizuho SecuritiesAnalyst unavailable$106$94.34 +23.0%Jul 31, 2026
BMO CapitalJames Thalacker$104$97.25 +20.7%Jul 27, 2026
KeyBancSophie Karp$79$95.8 -8.3%Jul 23, 2026
BMO CapitalJames Thalacker$102$94.8 +18.4%Jul 22, 2026
See 59 more

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Company context

Snapshot as of publication

The Southern Company operates as an energy utility, primarily involved in the production, transmission, and distribution of electricity. Its operations are segmented into Gas Distribution Operations, Gas Pipeline Investments, Wholesale Gas Services, and Gas Marketing Services. The company also undertakes the development, construction, acquisition, ownership, and management of various power generation assets, including renewable energy ventures, and supplies electricity to the wholesale market. Complementing its power business, it distributes natural gas in Illinois, Georgia, Virginia, and Tennessee, while also offering gas marketing services, wholesale gas services, and managing gas pipeline investments.…

Historical context

All SO earnings

Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:55.686058+00:00
  3. Polygon adjusted daily market bars · 2026-10-09T07:30:41.976131+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-09T07:30:41.973163+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-09. For educational purposes only; not investment advice.